As a seasoned researcher with years of experience navigating the volatile world of cryptocurrencies, I must admit that the recent Solana price movements have piqued my interest. The $18.9M SOL sell by Pump.fun has undeniably made waves in the market, and it’s fascinating to see such high-value transactions on the network.
On this tranquil Sunday, Solana’s price has dropped by 0.83%, now standing at $155.44. The decrease appears to be due to increased selling from the Pump.fun fee account, combined with a typical correction following a three-week rally. Will the downward trend become more pronounced, or are buyers anticipating a chance to buy at a lower price?
Will Pump.fun’s $18.9M SOL Sell Prevent Solana Price from $200 Breakout?
As reported by blockchain analysis platform Lookonchain, the Pump fun fee account has transferred approximately $18.9 million worth of SOL (122,250 units) over the past five days.
The activity on Pump.fun’s account has been substantial, with a grand total earnings of approximately 773,617 Solana (equivalent to around $120.68 million). Out of this massive sum, the account has successfully sold about 398,313 Solana, translating to an accumulated value of roughly $62.13 million as of now.
As these sales might cause short-term fluctuations and a potential drop in Solana’s price forecast, the significant transaction volume suggests an increase in network activity. With continued growth in Solana’s usage and demand, large transactions from prominent accounts such as Pump.fun underscore the expanding impact of the network.
Consequently, these advancements may strengthen the long-term value of the local cryptocurrency SOL, potentially leading to a surge in its market price.
Over the past five days, I’ve observed that my analysis account successfully offloaded another 122,250 SOL ($18.9 million)! This recent sale adds to the total revenue generated, which now stands at a substantial 773,617 SOL ($120.68 million). Additionally, I’ve noted that a total of 398,313 SOL ($62.13 million) has been offloaded so far, with an average selling price of approximately $156 per token.
— Lookonchain (@lookonchain) September 29, 2024
SOL Price Hints Short Pullback Before Next Leap
This week, the price of SOL demonstrated a consistent rebound, climbing from $142 to $156. This surge corresponds to an impressive 10.4% increase. The buying activity has been reinforcing the V-shaped recovery in the daily chart, signifying a significant shift in market opinion.
As an analyst, in reviewing market trends, I’ve noticed a surprising surge that often signals instability and a potential minor correction, much like the narrative from Pump.fun’s sales strategy. However, the possibility of a pullback to the 20-day exponential moving average, coinciding with a bullish crossover between the 100-day EMA, seems to be reigniting the overall positive trend.
If sustained buying continues, the price of Solana might increase by approximately 17.6%, aiming to breach the upper boundary of a bullish flag formation. Such a potential breakout could provide a solid base for buyers, potentially propelling the price up by as much as 51% to reach around $275.
If the correction continues, it may cause a delay in the SOL price breaking through the $200 mark, instead potentially retesting the flag support trendline, which has been acting as an accumulation area since March 2024.
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2024-09-29 16:18